PLANTATION, Fla., Dec. 6 /PRNewswire-FirstCall/ -- Viragen, Inc. (Amex: VRA - News) today announced that it has entered into a license agreement with Kuhnil Pharm Co. Ltd., headquartered in Seoul, to distribute Multiferon® (multi-subtype, natural human alpha interferon) in South Korea. While financial terms were not disclosed, Viragen will receive a small up-front license fee in exchange for providing exclusive marketing rights to the drug in South Korea for a period of ten years.
Kuhnil Pharm is a rapidly growing, leading manufacturer, developer and marketer of pharmaceuticals in Korea with a specialty focus in oncology, covering an expansive network of clinics, physicians and hospitals with over 300 sales representatives. This agreement provides that Kuhnil shall take all measures necessary to achieve regulatory approval for Multiferon® in South Korea, as required by the Korean health regulatory authority, KFDA.
“We are very excited to have the opportunity to position Multiferon® in South Korea as a unique natural alpha interferon with the promise to provide an effective therapy for hepatitis B, hepatitis C and certain cancers,” stated Mr. Kim Young, CEO of Kuhnil. “The South Korean alpha interferon market currently exceeds $6 million in annual sales, and we expect Multiferon® will play an important role and compete favorably against other alpha interferon regimens.” With a population of nearly 50 million, the South Korean pharmaceutical market is the 13th largest single market in the world, and the market growth potential for alpha interferon is significant.
Viragen’s President & CEO, Mr. Charles A. Rice, welcomed this Asian expansion, saying, “We are most pleased to have Kuhnil as our partner for South Korea, and we are working to expand this agreement into other valuable countries throughout the Pacific Rim. Kuhnil has demonstrated its enthusiasm for Multiferon® and has decades of experience marketing drug products for companies such as Merck, Schering-Plough and Wyeth. We will work closely with them to provide the support necessary to expedite a South Korean regulatory approval, so that we can both benefit from this very attractive commercial opportunity.”
The South Korean regulatory approval process is expected to take approximately 12 months.
About Kuhnil Pharm Co. Ltd.:
Kuhnil Pharm is a privately-held company established in 1951 in Seoul, South Korea. It is a top ranked marketer of pharmaceuticals in Korea and is developing a leading position in biopharmaceuticals through its Bio Business Unit.
About Multiferon®:
Multiferon® is a highly purified, multi-subtype, natural human alpha interferon. Marketed as " ... The natural choice"(TM), it is approved for sale in ten international markets (non-U.S.) for the first-line or rescue therapy of a broad range of infectious diseases and cancers. Earlier this year, Viragen filed an application in Sweden to seek expanded approval for Multiferon® to include the first-line adjuvant treatment of high-risk malignant melanoma. A decision is expected imminently.
About Viragen, Inc.:
With global operations in the U.S., Scotland and Sweden, Viragen is a biotechnology company engaged in the research, development, manufacture and commercialization of pharmaceutical proteins for the treatment of viral diseases and cancers. Our product portfolio includes: Multiferon® (multi- subtype, natural human alpha interferon) targeting a broad range of infectious and malignant diseases; and humanized monoclonal antibodies targeting specific antigens over-expressed on many types of cancers. We are also pioneering the development of Avian Transgenic Technology, with the renowned Roslin Institute, as a revolutionary manufacturing platform for the large-scale, efficient and economical production of human therapeutic proteins and antibodies.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact: Douglas Calder, Director of Communications Phone: (954) 233-8746; Fax: (954) 233-1414 E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as “expect,” “potential,” “suggests,” “may,” “should,” “could” or similar expressions. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management’s expectations regarding future research, development and/or commercial results could be affected by, among other things, uncertainties relating to clinical trials and product development; availability of future financing; unexpected regulatory delays or government regulation generally; the Company’s ability to obtain or maintain patent and other proprietary intellectual property protection; and competition in general. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Source: Viragen, Inc.
